I picked a 15 year mortgage over 30 years and my friends think I'm crazy

Everyone I know in Phoenix went for the lower monthly payment on a 30 year loan, but I locked in a 15 year term last year. My payment is about $400 more each month, but I'll own my place outright before I'm 50. The peace of mind is worth the tighter budget now. Does anyone else feel like the 30 year mortgage is just the default because it's easier?

3 comments

3 Comments

the_max19d ago

You said peace of mind is worth the tighter budget and that hits home. My dad did the same thing with his house. He'd talk about that last payment like it was a finish line he couldn't wait to cross. Meanwhile, my uncle is still paying his 30 year loan in retirement. Makes you wonder if easier now is really better later, you know?

kim37319d ago

My 15 year mortgage felt like a prison sentence.

felix8249d ago

My buddy Dave in Tucson paid off his 15 year loan last spring and threw a huge barbecue to celebrate. He said the feeling was better than any new car he ever bought.